Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

Contact:

 

Timothy M. MacPhee

 

 

 

 

Treasurer, VP — Investor Relations

 

 

 

 

Telephone:

(978) 689-6201

 

 

 

 

Fax:

(978) 794-0353

 

WATTS WATER TECHNOLOGIES REPORTS SECOND QUARTER RESULTS

 

·                  Reported sales of $379 million, up 2% year-over-year driven by PVI acquisition; organic sales flat

 

·                  GAAP EPS of $0.79, down 5%; adjusted EPS of $0.83, up 11%

 

·                  GAAP operating margin of 11.8%, down 50 bps year-over-year; adjusted operating margin of 12.5%, up 60 bps year-over-year

 

·                  Reaffirming full year 2017 outlook

 

North Andover, MA…August 2, 2017. 

Watts Water Technologies, Inc. (NYSE: WTS) today announced second quarter 2017 results. Sales of $379 million increased 2% compared to the same period in 2016. Second quarter GAAP EPS was $0.79 as compared to $0.83 for the same period last year. Last year’s GAAP EPS included an $8.3 million after-tax gain from the sale of a China subsidiary. Adjusted for special items, second quarter EPS was $0.83 as compared to $0.75 for the same period last year.  Adjusted earnings improved primarily from operational improvement driven by productivity and restructuring initiatives.  A summary of second quarter financial results is as follows:

 

 

(In millions, except per share information)

 

Second quarter ended

 

 

July 2,
2017

 

July 3,
2016

 

% Change

 

 

 

 

 

 

 

 

 

Sales

 

$

378.5

 

$

371.1

 

2

%

 

 

 

 

 

 

 

 

Net income

 

$

27.2

 

$

28.6

 

(5

)%

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.79

 

$

0.83

 

(5

)%

 

 

 

 

 

 

 

 

Special items

 

0.04

 

(0.08

)

 

 

 

 

 

 

 

 

 

 

Adjusted earnings per share

 

$

0.83

 

$

0.75

 

11

%

 


The following information was filed by Watts Water Technologies Inc (WTS) on Wednesday, August 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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